Links from the Times for July 31: SBA experiment
The State Board of Administration spends untold millions paying financial wizards to invest money for the state's retirees, but a Times experiment finds that the state would do better if it invested in simple index funds that don't try to beat the markets. The SBA has lost billions for the state's retirees this way.
More on SBA: SBA earns 22 percent, but index funds do better. Advice to follow the markets has come frequently. The success scale is a moving target. How Florida pension plan investments stack up to index funds. Special report: Managing a huge pot of public money.